|
Subscribers
to pay an in-
stalment. |
See. 3. And be it enacted, That there shall bo
paid by each subscriber an instalment of two dol-
lars on each and every share subscribed for at
the time subscribed and one dollar in sixty days
after the company shall have gone into operation,
and one dollar in ninety days thereafter and one
dollar in four months thereafter, and the balance
at such periods as the President and Directors
may from time to time determine; any stockholder
refusing or neglecting to to pay an instalment
when required by the provisions of Ibis section or
by tins charter shall forfeit all his interest in this
company, and be held liable for his proportion of
any loss which may have occurred previous to such
neglect or refusal, but should any forfeiture occur
it may be remitted within thirty days thereafter
by a majority of the whole Board of Directors
present at a meeting at which the motion for such
remission shall be made upon the payment by the
person incurring the forfeiture of the principal of
such instalment and the interest thereon, also his
proportion of all losses that may have occurred
previous to such forfeiture. |
|
Notice to be
published. |
Sec. 4. And be it enacted, That as soon as the
number of shares shall be subscribed for as is pro-
vided for in the second section of this Act the cor-
porators mentioned in the first section of this Act,
or a majority of them, shall give notice thereof in
two newspapers published in the city of Baltimore
ten days previous for a meeting of the stockholders
to be held in Baltimore city or in any other
place more convenient to a majority of the stock-
holders designated therein to organize the com-
pany by chosing a President and thirty-five Di-
rectors to manage the concerns of the company,
each one of whom shall be a stockholder to the
extent of not less than ten shares, and when the
President and Directors are chosen they shall con-
tinue in office one year or until others are chosen;
said President and Directors shall be chosen by
ballot, and each share of. stock shall entitle the
holder to one vote. |
